Cargo insurers

Today, underwriting for marine insurance premiums is largely based on limited, old and unreliable data collected by brokers on paper forms. This makes accurately assessing risk difficult, often resulting in enormous losses for insurers. It also makes writing premiums inefficient and expensive, which limits coverage options for shippers. For insurers, the lack of access to timely, accurate, digital shipping data stifles their ability to provide products that meet the needs of a wide range of shippers. For shippers, fewer products makes it hard to easily find  coverage that meets their needs.  

DCSA documentation and track and trace standards give insurers on-demand access to the data they need to make more effective risk assessments. The standards align data for these critical activities based on data semantics and data attributes so it can be seamlessly exchanged regardless of platform. Standardised data that can be accessed directly by marine insurers will enable them to digitalise and even automate risk assessment using modern analytics tools. This will dramatically reduce the time and expense of underwriting while increasing its effectiveness. Ultimately, widespread adoption of DCSA standards will grow the marine insurance market by significantly lowering costs and improving efficiency while increasing profitability for insurers.